On November 2, 2026, Narragansett Bancorp Inc., Swansea, Massachusetts, completed its stock offering in connection with the two-tier holding company reorganization of BayCoast Bank and Narragansett Financial Corporation.  A total of 9,098,800 shares of common stock were sold at a price of $10.00 per share. Narragansett Bancorp also issued 423,200 shares of common stock to BayCoast Charitable Foundation, Inc. and 11,638,000 shares of common stock to Narragansett Financial Corporation, for a total of 21,160,000 shares of common stock issued and outstanding as a result of the transaction.  Narragansett Bancorp’s common stock is traded on the Nasdaq Capital Market under the symbol “NARA”.

Luse Gorman served as legal counsel to Narragansett Bancorp in the transaction.  The Luse Gorman team included Lawrence M.F. Spaccasi, Ned Quint, Kent M. Krudys and Thomas P. Hutton.

Narragansett Financial Corporation had approximately $2.9 billion in assets at March 31, 2026. BayCoast Bank operates from its main office and 25 full-service branch banking offices throughout the South Coast of Massachusetts and Rhode Island.

Since 2000, Luse Gorman has been the leading law firm in the United States in mutual holding company transactions and mutual-to-stock conversions, based on number of transactions. Click here to learn more about our capital markets and corporate finance services.